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⚡Bitcoin Set for New Peak by Weekend🌅

Croxroad

27 May 2024 — 4 min read

☕️ GM Dear Plebs!

Here is Crox Road, your daily dose of orange pill that will turn you into a Bitcoin Maxi.

The menu for today:

🛟 Weekend Surge

The recent optimistic signals regarding spot ether exchange-traded funds come at an opportune moment for bitcoin, with the digital asset’s price expected to hit a new record high, an analyst said. An approval of a spot ether exchange-traded fund (ETF) this week would further legitimise the cryptocurrency sector and therefore be positive for bitcoin as well, an analyst said. "I would expect a fresh all-time high in bitcoin by the weekend, through the 14 March $73,798 level," Standard Chartered Bank Head of FX Research and Digital Assets Research Geoff Kendrick said in an email sent to The Block.

Kendrick added that the renewed optimism surrounding the potential approval of spot ether ETFs this week gives him more confidence in his price targets for bitcoin of $150,000 by year-end 2024 and $200,000 by year-end 2025. He also pointed out that recent days have been much more constructive, with increased inflows into spot bitcoin ETFs, bringing the total to a new all-time high of $12.9 billion. The Block contacted Kendrick for disclosures on his positions in crypto, and he replied to say that Standard Chartered's compliance policy is that its analysts cannot own anything they publish research on. According to Capital.com Senior Market Analyst Kyle Rodda, bitcoin's price movement is closely linked to the performance of the top 100 tech companies on the Nasdaq, which ticked down slightly by 0.06% in early trading Tuesday.

In the past 24 hours, the entire cryptocurrency market has rallied, increasing by over 8%, according to CoinGecko data. The rally comes after the SEC requested updates to 19b-4 filings for spot ether ETFs on Monday, ahead of this week's deadlines, indicating potential progress toward approval. The first round of spot ether ETF deadlines is fast approaching, with VanEck's on May 23 and Ark Invest/21Shares' on May 24. Following the SEC's request, Bloomberg ETF analysts James Seyffart and Eric Balchunas stated that the chances of the SEC approving such a product have increased from 25% to 75%. Bitcoin's price increased by over 3.68% in the past 24 hours and was changing hands for $69,940 at 12:18 p.m. ET, according to The Block’s Price Page. The GM 30 Index, representing a selection of the top 30 cryptocurrencies, increased by 8.78% to 148.81 in the same period.

✅ Jack Mallers

Jack Mallers, the CEO of Strike, a Bitcoin (BTC) payments app, has made bold predictions about the price of the orange coin. Bitcoin could hit $1 million this bull cycle, he predicts. In a recent podcast with Anthony Pompliano on his YouTube channel, Mallers doubled down on his prediction that Bitcoin could reach $1 million per coin in the current market cycle. “We’re still so early in the Bitcoin story,” he said. “I think Bitcoin will hit $250,000 to $1 million in this cycle.”

Mallers outlined several key factors driving Bitcoin’s potential ascent to these remarkable heights. He pointed out that the bond market is facing challenges, potentially leading central banks to inject significant liquidity into the financial system to stabilise it. Mallers stated that this influx of liquidity would push up asset prices, including Bitcoin. Bitcoin is a superior form of money, Mallers argues. Its capped supply makes it resistant to inflation, unlike fiat currencies. His projection for Bitcoin to reach $1 million per coin is driven by increasing adoption by Wall Street. Mallers elaborated on his perspective regarding Bitcoin’s position as a legacy system, its resonance with the current macroeconomic environment, and the reasons driving Wall Street’s increasing engagement with the Bitcoin market.

Moreover, Mallers underscored Bitcoin’s scarcity and its potential as a universally accepted currency as reasons for his optimism. He explained that Bitcoin is the most rigid form of money, with its fixed supply schedule and halving events every four years gradually reducing the rate of new coin issuance, thus boosting its long-term value. Additionally, Mallers stressed the significance of the Lightning Network, a layer-2 solution built atop the Bitcoin blockchain, facilitating nearly instant and cost-effective transactions. He believes that the Lightning Network’s adoption will enable Bitcoin to be used for everyday purchases, like buying coffee, driving up demand for the cryptocurrency. While acknowledging that some view Bitcoin as a speculative bubble, Mallers countered this perception by advocating for it as the optimal safeguard against an impending financial crisis. Furthermore, Mallers highlighted the increasing acceptance of Bitcoin within Wall Street circles, signalling a shift in sentiment towards the cryptocurrency. While Mallers’ predictions may appear ambitious, he is not alone in his bullish stance on Bitcoin. Other notable figures in the cryptocurrency sphere, such as Michael Saylor and Arthur Hayes, have also expressed confidence in Bitcoin’s future potential.

👑 Satoshi Nakamoto

Satoshi Nakamoto is the pseudonymous figure or group credited with creating Bitcoin, the world's first decentralised cryptocurrency. Nakamoto authored the original Bitcoin whitepaper in 2008, outlining the concept of a peer-to-peer electronic cash system. Despite extensive speculation, Nakamoto's true identity remains unknown, adding an element of mystery to Bitcoin's origin.